Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
The recent unemployment claims numbers confirm the Federal Reserve's assertion that the labor market is tight. However, layoffs are intensifying, particularly in the tech and cryptocurrency sectors.
According to a report released Thursday, U.S. unemployment insurance applications decreased but stayed close to January levels, indicating a softening of labor market conditions.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Initial applications for unemployment insurance fell by 2,000 to 231,000 in the week ending June 25, according to Labor Department data. This number is somewhat higher than the weekly average of 218,000 prior to the 2019 COVID-19 pandemic.
The numbers say the labor market is solid, but, people are being laid off in the thousands. Why?
The end of an era: A pandemic-fueled growth boom, venture capitalist FOMO (fear of missing out), and periods of overhiring during times of rapid expansion all contributed to the boom and bust of the tech and cryptocurrency sectors in 2021.
So, what companies are affected? We sourced Crunchbase and Business Insider to compile a list of notable tech names that are cleaning house, and protecting capital via layoffs:
Compass Inc (NYSE:COMP)
- Number of employees: 450
- Percentage of staff: 10%
Redfin Corp (NASDAQ:RDFN)
- Number of employees: 470
- Percentage of staff: 6%
Coinbase Global Inc (NASDAQ:COIN)
- Number of employees: more than 1,000
- Percentage of staff: 18%
Tesla Inc (NASDAQ:TSLA)
- Number of employees: 10,000
- Percentage of staff: 10%
Carvana Co (NYSE:CVNA)
- Number of employees: 2,500
- Percentage of staff: 12%
Reef Technology
- Number of employees: 750
- Percentage of staff: 5%
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
GoPuff
- Number of employees: 400
- Percentage of staff: 3%
Better.com
- Number of employees: 4,000
- Percentage of staff: 43%
Peloton Interactive Inc (NASDAQ:PTON)
- Number of employees: 2,800
- Percentage of staff: 20%
Robinhood Markets Inc (NASDAQ:HOOD)
- Number of employees: 300
- Percentage of staff: 9%
PayPal Holdings Inc (NASDAQ:PYPL)
- Number of employees: 83
- Percentage of staff: 0.27%
Bolt.com
- Number of employees: 250
- Percentage of staff: 33%
Gemini
- Number of employees: 1000+
- Percentage of staff: 10%
BlockFi
- Number of employees: 170
- Percentage of staff: 20%
Netflix Inc (NASDAQ:NFLX)
- Number of employees: 450
- Percentage of staff: 4%
Postscript
- Number of employees: 43
- Percentage of staff: 19%
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.